FT 3511 offers units of its Strategic Income Plus Closed-End Portfolio

By Toni Weeks

San Diego, March 29 - FT 3511 is offering units of its Strategic Income Plus Closed-End Portfolio, Series 40, according to an S-6 amendment filed with the Securities and Exchange Commission.

The depositor is Wheaton, Ill.-based First Trust Portfolios LP.

The trust seeks a high rate of current monthly income with capital appreciation as a secondary objective by investing in a diversified portfolio of common stocks issued by closed-end investment companies that invest in U.S. and foreign common stocks and taxable bonds.

On March 28, the initial date of deposit, $172,001 of contracts to purchase securities comprised the trust. The 17,200 units have an initial offering price of $10 and a net asset value of $9.574 each. The estimated net annual distribution per unit is $0.7969 for the first year and $0.7835 for subsequent years.

Each unit carries a maximum sales charge of up to 4.5%, consisting of a 0.5% creation and development fee and a deferred sales charge that will vary based on the public offering price. At a public offering price of $10 per unit, the maximum sales charge will be 3.95%. At a higher per-unit price, the maximum sales charge will be less than 3.95%, and at a lower unit price, it will exceed 3.95%. The fee may be reduced on a sliding scale depending on the amount of investment.

The trust has a mandatory termination date of March 27, 2014.

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